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NASD Orders Refunds by Brokers
On Mutual-Fund Commissions

Investors could receive tens of millions of dollars in refunds from securities brokers who failed to deliver promised discounts on commissions on mutual-fund purchases.

The National Association of Securities Dealers, the brokerage industry's self-regulating agency, said the practice was widespread and ordered that industrywide refunds, plus interest, be made. The firms will have to check sales records going back years to determine who is eligible. But the regulator said in a notice to brokers that a survey of 2001 and 2002...